Ecuador gets $1.2 billion loan from China

Ecuador has received from China a $1.2 billion loan to be used for a "business transaction" with state-owned Petroecuador, and to help finance the national budget, an official with the Ministry of Finance said.

"These funds, $1.2 billion, arrived on Aug. 12 as part of the funding announced earlier by the finance minister for the budget," said the official, who asked not to be identified.

"There is a credit, it is a commercial operation with Petroecuador," the official added.

The transfer of the cash has led to a 45.3% increase in Ecuador's total international reserves to $5.34 billion.

On previous occasions, Ecuador has obtained funding from China as part of presale agreements for oil.

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